GBTI launches Education Savings Plan

Nov 26, 2015 News

The Guyana Bank for Trade and Industry on Monday launched an Education Savings Plan which will allow parents and guardians to set up an education fund for their children.

Minister of Education, Dr. Rupert Roopnaraine

The minimum target for the plan is $2M while the maximum is $15M. Once a target is set, the bank calculates how much money must be deposited each month in time for the child’s 16 or 18th birthday, depending on their education path. The plan will attract an interest rate of five per cent. This however, will only be added if the plan reaches a stage of maturity.
In attendance at the ceremony was Minister of Education, Dr. Rupert Roopnaraine, who applauded GBTI for taking the bold step in putting this innovative programme in place as often, investments are placed in other sectors. He urged other banks to follow suit as “there is no sector more instrumental in engendering development than the education sector.”
“As Minister of Education, I fully endorse this initiative and encourage parents to strongly consider this as an option in funding your child’s education and ensuring that they are given a competitive chance at a good life.”
Chairman of the GBTI Board of Directors, Robin Stoby, related that throughout the years GBTI has maintained a “recognized focus on young people.” He gave the example of the Early Savers Club which provides young people with the opportunity to develop key financial skills.
“In this evolving world, increasing demands are being placed on our young people and we believe it is important that we empower them adequately with the right knowledge, skills, opportunities and resources to allow them to achieve all-round development, fulfill their aspirations and enhance their contribution to the country’s socio-economic progress,” said Stoby.
As such, the GBTI education savings plan was decided upon in an effort to help parents “take a bold action for your child’s education, to make them ready for todays and inevitably tomorrow’s progressive world.”
“A University education,” said Stoby, “is an investment that will almost certainly pay dividends for your child.”